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The Top Five Benefits of Whole Life Insurance

Whole life insurance benefits: Father and daughter embracing

Insurance provides peace of mind by protecting us financially from the unknown. We buy automobile insurance to help cover the expenses of a potential car accident. We buy health insurance to help cover routine and catastrophic medical bills. We buy renters or homeowners insurance to help cover the cost of unexpected events that can impact our home.

Whole life insurance provides that same peace of mind, allowing us to rest assured that our families would have financial protection if we were no longer here.

Why might you need whole life insurance? Here are the top five benefits:

1. Financial protection against the uncertainties of life. Whole life insurance provides greater financial security for your family, should something happen to you now or many decades from now. The coverage amount – the payout – could help to offset lost income and the cost of rent or mortgage payments, car payments, education expenses, credit card debt, and even groceries and utility bills.

2. Accumulates cash value. Whole life insurance policies, such as the Gerber Life Whole Life Plan for adults aged 18 to 70, accumulate “cash value” over time – unlike term life policies, which don’t have cash value. Cash value represents the money that Gerber Life sets aside each time that you make a monthly premium payment. It builds up over the years (as long as you stay current on your premium payments), like a nest egg for the future.

3. Access to ready cash in case of need or emergency. You could borrow* against the available cash value of your whole life policy for any reason, as long as the premiums are paid. Or if you are unable to pay the premiums due to a job loss or loss of income, you may be able to have them paid by using the available cash value.

4. Locked-in premium rate that never goes up during your lifetime. The premium when you start the policy remains the same for as long as you own the policy, for up to a lifetime. Rates are based on age at the time that you apply for a policy, so the sooner you apply, the lower the premium. 

That’s why whole life insurance policies for children, such as the Gerber Life Grow‑Up® Plan, can be so beneficial. It offers an affordable premium rate, established when your child is young, that will never increase. Your son or daughter can choose to keep that policy as an adult and will still maintain that same premium rate.

5. Lifelong protection, even if your job or health changes. We never know when the unthinkable may happen and our loved ones may need insurance payout money to better carry on. With whole life insurance, as long as you keep paying the monthly premiums, you will have coverage throughout the course of your life, even if your occupation, employer, or health changes however many times along the way.

In addition, if you are 50 to 80 years old, you are guaranteed acceptance through policies such as the Gerber Life Guaranteed Life Plan, regardless of your health history – no health questions asked, no medical exam.

To see a whole life insurance policy tailored to your family’s needs, request a free whole life insurance quote.

* Policy loan interest rate is 8 percent.

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